Examlex
On a clock, what angle do the hands make at 2 o'clock?
Inputs
Resources such as labor, materials, and capital that are used in the production process to produce goods and services.
Output
The total amount of goods or services produced by a company or country.
Economies of Scale
Cost advantages that enterprises obtain due to their scale of operation, typically characterized by a reduction in average costs with increased production.
Minimum Efficient Scale
The smallest scale of production a firm can achieve while still taking full advantage of economies of scale in terms of costs per unit.
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